Potential rising channel breakdown on BitcoinBitcoin had been forming a rising channel for quite a few days here which is seen best on the 4hr chart timeframe. I chose to show it on the 1day timeframe though because the channels breakdown target just so happens to align with the daily 50ma(orange line). It would make a lot of sense for it to retrace to the 50ma and attempt to retest it as support. Of course being that we are in the midst of a potential phase 3 of our bull market, this also increases the chances of bearish patterns not hitting their full breakdown targets(especially on time frames smaller than 1day). So there’s no guarantee it hits its full breakdown target. Many times in this cycle of the market price can even form bearish patterns that till find a way to break upwards. There’s also a chance here much like when we topped out in 2019 after a big parabolic pump in of this just being the beginning of the correction and for price to break down from even a couple more additional bearish patterns as well. So I will do my best to keep things updated If I see any further bearish patterns form off of wherever this one goes but for now, I preliminarily am going to try to get a small dip buy in if it reaches this current potential break down target and then watch for t he next pattern to develop after that. *not financial advice*
